The purpose of the Round 2 entry is to test the “fitness” of your business idea against a jury of experienced peers.
Your entry must be uploaded to the NVBC online system by May 4, 2016, 5:00pm.
Round 2 Requirements:
Round 2 entries are six pages maximum, answering the questions found below (in the same order). Entries will be read by as many as five jury members and will be judged based on criteria mentioned here.
- Create a Business Model Canvas for your company, using our provided template.
Page 2: Baseline information
Next, you’ll answer some basic questions about your company. They’re included so the jury members understand what your venture is about. It will not be part of your submission’s evaluation.
- Describe your product or service, plus the nature of the technology.
- Describe the development stage of your product/Service and the various forms of Intellectual Property you currently own or plan to develop.
Your Team: Strengths and Weaknesses
- Describe your team’s strengths and weaknesses. List the credentials of your technical and management teams, and if applicable, advisors and board of directors. If you don’t have a team, describe the key positions and critical skill sets that you need to add.
Status of Business Plan
- What research has been conducted, what remains to be done, and how and when do you anticipate doing so? What key sources are included to document and support your plan?
Pages 3-6: Evaluation information
Judging will be based on the following four criteria. Each will be ranked on a scale of 1 to 5. Points are awarded on the basis of the clarity and credibility of your submission.
Each of the jurors will review between 10-25 entries, and each entry will be reviewed by up to five jurors.
Question #1: Market.
Who is your customer? Describe the value proposition: the quantifiable value your customers will derive from purchasing your products or services.
Why will they buy it and what is the buying process? Describe the target market in terms of size, segmentation, large vendors, growth, trends, and regulatory (if applicable). What are the barriers to market entry?
Question #2: Distribution
Describe how you will take your product to market and reach your customers from a sales and marketing perspective.
What alliances do you intend? How will you overcome barriers to market entry? Include a simple schematic showing the value chain for your target market.
Question #3: Competition
Who are your existing or potential competitors? Describe your company and product’s primary competitive differentiators.
If applicable, what is your IP strategy and how will it create a sustainable, competitive advantage? What makes you unique, better? What makes your competition threatening? How might competitors react to the introduction of your product or service? Include a competitive matrix. How will you overcome non-adoption?
Question #4: Financial
Describe your revenue model— how you plan to make money. Use a bottom-up financial model to predict sales.
What have you spent to date? What funds have been raised? How much money do you need? When do you need it? What will you do to raise any additional funds required for your product/service? When will your venture be cash-flow positive? What significant assumptions have you made? What risks have you identified?
Moving on to Round 2.5 and Round 3
Judges will choose the 15 best ideas to advance directly to Round 3.
An additional 25 competitors will be paired with a mentor for further coaching, and will move on to Round 2.5. Each will prepare a presentation to be made before a jury. Ten of these 25 will be selected to move on, making a total of 25 competitors in Round 3.
Announcements for Round 2.5 and Round 3
The first 15 Participants advancing to Round 3 will be announced by May 31, 2016. The final Round 3 announcement will be made by June 14, 2016.
Competitors eliminated at this stage will be invited to participate in our Market Validation Program (free of charge), and have the option to join our Venture Acceleration Program at a discounted rate.